- Automata Network has raised $2.4 from investors including KR1, Jump Trading and IOSG Ventures
- Automata Network is developing decentralized services for DAOs and dApps
- Binance users can now earn the project’s ATA tokens via Binance Launchpool
Automata Network raises $2.4 million, goes live on Binance Launchpool
Automata Network has raised a $2.4 million investment from a group of investors that includes KR1, Jump Trading and IOSG Ventures. The additional funding comes on the heels of a $1 million seed funding round that Automata Network raised in March.
The project is creating a decentralized protocol that provides privacy and computation services to decentralized applications on the Ethereum and Polkadot blockchain platform. It has developed Witness, a set of tools for DAOs that allows users to participate in governance while retaining their privacy. A number of projects are already looking to implement Witness, including Bounce Finance, Crust and Clover Finance.
Automata Network’s other main service is Conveyor, which is designed to prevent front-running on decentralized exchanges and minimize MEV (miner-extractable value). Notably, Automata Network is the first project in the blockchain space to leverage Oblivious RAM technology to anonymize access flows.
Automata Network was put in the spotlight recently thanks to the project’s debut on the Binance Launchpool program, which allows users to earn the protocol’s native ATA tokens by staking Binance Coin, Polkadot or Binance USD. Through the program, 4% of the total ATA supply will be distributed to Binance users, and the token will start being traded on the exchange starting with June 7. ATA is used within Automata Network for governance, paying protocol fees, and incentivizing node operators.
Jocy Lin is a founding partner at IOSG Ventures, one of the investors in Automata Network’s $2.4 million round. Here’s what Lin had to say about why the company decided to invest in the project:
“It is quickly becoming clear how important privacy is for every decentralized application building on the Web3 stack, and there is no doubt in our mind that Automata is emerging as a market leader in the space. With each use case that the team has rolled out in succession, we’ve been immediately impressed with both the eloquence and simplicity of their solutions. We couldn’t be more excited to partner the team in this journey.”